Cyber Monday is the Monday following Thanksgiving and Black Friday. Think of it as the “Black Friday” event for online retailers. Shop.org started marketing Cyber Monday in 2005 and since that time, it has been growing in popularity. But compared to Black Friday, just how big is Cyber Monday?
In looking at Google Trends data, it is clear that interest in Cyber Monday deals grows every year. In terms of regional interest, Kentucky, West Virginia, South Dakota, North Dakota, Mississippi, Alabama and Tennessee top the list. The top search query for Cyber Monday is “Cyber Monday Deals.” This indicates that people are interested in finding deals during this yearly online shopping event, just like they are on Black Friday. But is growing interest in the online sales event translating to increased sales for businesses?
According to a report by Bloomberg, Cyber Monday sales this year showed a 21 percent increase over last year. Visa cardholders spent $7.8 billion between Thanksgiving and Cyber Monday. On Cyber Monday alone, cardholders spent $2.6 billion. This number is up 28 percent from last year and is the most spent in a single day all year. Web giants Amazon and eBay both saw significant increases in sales this year. Amazon’s Cyber Monday same-store sales increased 46 percent and eBay’s sales increase 32 percent. While brick-and-mortar stores lose share each year, web retailers seem to be gaining share of the market.
Still, as a small business owner, how much can you benefit from Cyber Monday. It is easier for the giant Internet retailers to offer huge savings and offer free shipping. For smaller businesses, this may make it difficult to compete. If you’re a small business, you may want to focus on nurturing brand loyalty and provide your customers with a positive mobile shopping experience. Approximately 17 percent of sales on Cyber Monday were through mobile devices, according to a statement by IBM.
According to the National Retail Federation, Internet sales are only around 14 percent of the total retail market. However, they are experiencing a growth rate of 15 percent, which is three times the overall retail growth. Therefore, while Cyber Monday and the online retail marketplace is significant and growing, it may not be as huge as the hype. Now is a good time to reevaluate your longterm online marketing strategy and prepare for continued growth of annual shopping events like Cyber Monday, the growth in sales driven from mobile devices and the ever-changing online retail marketplace.
How can you make visits to your website an exciting event for your customers?